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Katharine

former Managing Director of Capital Introductions at BTIG

Catherine McWilliams is a former Managing Director of Capital Introductions at BTIG, specializing in building institutional investor relationships across the South, Midwest, and Western United States. She covered a broad array of clients and contributed significantly to BTIG’s growth in capital introductions, though no specific public investment performance metrics such as TipRanks rankings or returns are available. Catherine began her career as a real estate investment analyst and later worked in UBS's Prime Brokerage division before joining BTIG for six and a half years; in 2016, she transitioned to EcoR1 Capital as Director of Partner Relations. She holds a BBA in Finance from the University of Texas at Austin, and her roles have emphasized institutional relationship management rather than analyst licensure or securities trading.

Katharine's questions to BLACKSTONE MORTGAGE TRUST (BXMT) leadership

Question · Q3 2025

Katharine with BTIG asked about the recovery in commercial real estate (CRE) transaction activity and liquidity, specifically whether it's observed in both the U.S. and Europe, and if this recovery might lead to a larger portion of Blackstone Mortgage Trust's origination activity pivoting back to U.S. loans. She also inquired about the potential earnings uplift from the REO portfolio and any incremental capital needs for the New York City hotel asset.

Answer

Tim Johnson, Chairman and Incoming CEO, confirmed liquidity has returned to both U.S. and European markets, with the U.S. showing stronger recovery driven by its established CMBS market. He noted the platform's ability to assess relative value across regions, expecting the U.S. to remain the largest share of investment activity long-term. Austin Peña, EVP of Investments, stated that REO assets are not generating target returns, and exiting them will drive additional earnings power. He added that no significant CapEx is needed for REO assets, including the NYC hotel, and the company has over $1.3 billion in liquidity.

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